司法专业化改革与企业短贷长投——来自破产法庭设立的证据  

Judicial Specialization Reform and Corporate Short-term Loans for Long-term Investment:Evidence from the Establishment of Bankruptcy Courts

作　　者：甄玉晗 Zhen Yuhan(Chinese Academy of Fiscal Sciences,Beijing 100142,China)

机构地区：[1]中国财政科学研究院,北京100142

出　　处：《外国经济与管理》2025年第1期54-69,共16页Foreign Economics & Management

摘　　要：本文利用2019年开始我国各地设立破产法庭作为准自然实验,实证考察司法专业化改革对企业短贷长投的影响。研究发现,破产法庭设立显著降低企业的短贷长投程度。具体来看,破产法庭设立通过降低企业的债务偿还风险,使企业更容易获得长期借款,从而降低短贷长投。同时,该改革还通过提高企业面临的控制权转移风险,以及缓解股东与债权人之间的代理冲突,减少了企业的过度投资,最终降低短贷长投。异质性分析发现,破产法庭设立对企业短贷长投的负向影响主要存在于地区法治环境好、行业竞争不激烈、企业破产风险大、非国有企业的样本。经济后果表明,破产法庭设立通过降低企业短贷长投进一步促进了企业创新,尤其是提升了创新质量而非创新数量。本文为司法专业化改革带来的经济效益提供了实证证据,也为理解和减少企业短贷长投现象的发生提供了新的视角。This paper utilizes the establishment of bankruptcy courts across China since 2019 as a quasi-natural experiment to empirically investigate the impact of judicial specialization reform on corporate short-term loans for long-term investment.The findings reveal that the establishment of bankruptcy courts significantly reduces the extent to which firms engage in short-term loans for longterm investment.Specifically,it reduces corporate debt repayment risk,enabling more access to longterm loans and thereby decreasing reliance on short-term loans for long-term investment.Furthermore,this reform mitigates excessive investment by increasing the risk of control rights transfer and alleviating agency conflicts between shareholders and creditors,ultimately reducing short-term loans for long-term investment.Cross-sectional difference testing shows that the negative impact of bankruptcy court establishment on short-term loans for long-term investment is primarily observed in samples from regions with a stronger rule of law,less intense industry competition,higher corporate bankruptcy risk,and non-state-owned enterprises.Economic consequences indicate that the establishment of bankruptcy courts fosters corporate innovation by reducing short-term loans for long-term investment,specifically enhancing the quality rather than the quantity of innovation.This paper provides empirical evidence for the economic benefits brought by judicial specialization reform and offers a new perspective for understanding and reducing the occurrence of the phenomenon where firms use short-term loans for long-term investment.

关 键 词：司法专业化改革 短贷长投 长期借款 过度投资 企业创新 

分 类 号：F270[经济管理—企业管理]